Canoga Park Apartments Sell for $11.5 Million

A 49-unit apartment complex in Canoga Park has changed hands for $11.5 million, or about $235,000 a unit.

The sale price for Villa Toscana, at 20918 Gresham St., tops the average of $195,000 a unit for multifamily properties in Canoga Park this year, according to real estate data provider CoStar Group Inc.

The property, built in 2003, was sold by Pacific Crest Realty of Los Angeles to Plutsky Limited Partnership of Sherman Oaks, according to real estate brokerage Holliday Fenoglio Fowler LP of Century City. HFF’s investment sales team, led by Director Blake Rogers, brokered the transaction.

The non-rent-controlled complex features one-, two- and three-bedroom units averaging about 960 square feet. Additional amenities include a swimming pool, fitness center, courtyard, assigned garage parking and gated access. Proximity to the $350 million Village at Topanga, an outdoor retail center that will connect the Westfield Topanga and Westfield Promenade malls when it opens next month, was a selling point for the apartment complex.

HFF’s debt placement team, led by Director Marc Schillinger, arranged $7.27 million in financing for the deal, which closed July 31.